Sub-2 Deal or no deal?? Help

[Ryan Reed]

Hey everyone,

I have a seller that is willing to let me take the house sub-2 and take a promissory note for $10k to be paid when the house sells. I called the lender to fill out the loan information sheet and found out all the info but now am unsure about the deal.

I knew that there was a $50k loan and the property is worth about $80-90k. The mortgage company says that the principal balance is $49,479 and the loan is not current. The reinstatement amount is $25,927.50! and the verbal payoff amount is $69,016. I planned on wholesaling this contract for $5k to another investor, but now I am unsure where to go from here. Any help is appreciated.

Thanks